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capital tax

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › capital tax

  • This topic has 1 reply, 2 voices, and was last updated 2 years ago by Tax Tutor.
Viewing 2 posts - 1 through 2 (of 2 total)
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  • December 8, 2020 at 5:56 pm #598523
    Jovita885
    Member
    • Topics: 4
    • Replies: 10
    • ☆

    The following is an MCQ question:
    A freehold warehouse was sold and this resulted in a chargeable gain of 2000000
    the co. is planning on replacing the asset by reinvesting the entire amount of proceeds
    The options are given are the alternate assets it’s planning on purchasing
    which asset can the 2000000 be rolled over to

    options $ $
    Land 0 2000000
    office building 0 2000000
    shares(this is the only asset not used for business purposes) 0 2000000
    plant & machinery 0 2000000

    what is the answer for each option(it’s either 0 or 2000000)
    I feel it’s 0 for everything except plant & machinery

    December 9, 2020 at 1:04 pm #598813
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    You can look in your notes to see what assets are qualifying business assets for purposes of rollover relief – unfortunately you will discover that yours is not the right answer

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